Sec 263 Quashed; AO Probed Renuka Mata Society Credits; No Revision on Suspicion: ITAT Ahmedabad

Choksi Ranchhodlal Kishordas Vs PCIT (ITAT Ahmedabad) Sec 263 Quashed – AO Conducted Detailed Enquiry on Renuka Mata Society Credits – PCIT Cannot Revise on Mere Suspicion – ITAT Ahmedabad PCIT invoked revision u/s 263 alleging that the AO failed to properly examine credits of ₹2.36 Cr received through Shri Renuka Mata Multi State Urban Co-operative Credit Society, suspected to be an accommodation entry provider. ITAT noted that during reassessment proceedings the assessee had furnished detailed evidence explaining that receipts were sale proceeds from Parishram Bullion, supported by i...